General Motors said today that Vice Chairman Bob Lutz spent one-point-one million dollars earlier this week to exercise a third of the stock options he received as part of his 2006 compensation package.
That brings his total to about 281-thousand shares, worth about nine million dollars.
Lutz heads G-M's product-development efforts and is one of three executives serving as the face of the company's North American turnaround effort. He's a close associate with GM Chief Executive Rick Wagoner.
A spokeswoman says Lutz is showing confidence in the long-term health of the company.
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